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I recently entered a thread about purchasing a 2010 M3. I would like to see if you guys think it's worth it, given my situation. I am thinking of purchasing a 10' M3 with 24k miles from a dealer here on the East coast. The vehicle is a grey coupe with a sunroof, 19" wheels, navi, and parking sensors among other things. It has the cold weather package and tech package. They are asking 48k but I would not pay this price, I would ideally like to get them around 44k.

OK here's my situation:

I am in my 2nd year of medical school. I'll be 24 next week. I have a 2011 Volvo S40 R-design. Great car, but not my dream car (M3). To get this M3 I will trade in my S40 and put down 5k downpayment. I can afford the vehicle, I am thinking I would have a payment of around $400, which is not much higher than the $230 I pay right now. The thing is, my volvo will be payed off in less than 2 years, while this new vehicle will take another 5 or 6 years (at 400 a month).

I am on a military scholarship, so tuition is payed for, no loans, and I make a stipend every month. I've got substantial savings and would still be able to save money with the new car. My dad is the only thing holding me back. He thinks I should wait until I graduate and am making a full salary. The decision is mine to make but he's pretty adamant on his stance.

My argument is that if I wait 2 years my car will have less trade in value and my monthly payment will be higher ( I still probably wouldn't want to put more than 5k down at that time). Also the parents pay my insurance so I don't have to calculate that into my expenses but if my insurance is ridiculous on an M3 I wouldn't get it. I'm also reasoning that if I can afford this payment now, when I graduate it would be even less of an issue.

I think insurance is going to be pretty high for someone your age...price that out and it might make the decision more clear. But have to say I agree with the others, wait...get the new car as a graduation present to yourself....but if you can't get it out of your mind, it is a great car.

How are you getting $400/month with a $39k car (with your $5k down from $44k) financed I'm assuming over 60 months at ~ 5% interrest? I come up with ~$800/month (assuming ~8% tax). Does the Volvo have that much positive equity?

Thanks for the input. I agree with you all and will wait it out. I'll just have to keep dreaming about it until then. Also honestly my traffic record isn't too good so I'm thinking the insurance would be a lot more at this point. and @thekurgan I don't owe less than 5k on my Volvo so it has a good amount of positive equity